Online real estate valuation and search company Zillow has calculated the 10 U.S. metro areas that have experienced the largest gains in home values over the past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates.
Markets in the Southern U.S. dominate the list, accounting for eight of 10 markets. Of the other two markets, one is in upstate New York and the other is in the Pacific Northwest.
The five-year gains in estimated value range from 0.6 percent to 16.9 percent, while the estimated gains in dollar value range from $667 to $21,444.
Methodology: Zillow’s Zestimate home valuations are the basis for the Zillow Home Value Index. A Zestimate is Zillow’s estimate of the current market value for a home. The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Zillow generates valuations several times a week on more than 70 million homes, or roughly three out of four homes in the U.S., and calculates historical values dating back to 1997.
The statistical models underlying the Zestimates control for the mix of housing for sale by finding patterns in the types of homes that are selling and then applying these patterns to all homes. If only a few homes of a certain type sell in a given period, the models can extract the information from those sales and apply that information to all homes of that type. —Source: Zillow.
Jacksonville, N.C.
| July 2011 Zillow Home Value Index | $148,099 |
| ZHVI 5 years ago | $126,655 |
| Value difference (by percent) | 16.9% |
| Value difference (in dollars) | $21,444 |
River coastline and wooden dock near Jacksonville, N.C. Caitlin Mirra/Shutterstock
…CONTINUED
Fayetteville, N.C.
| July 2011 Zillow Home Value Index | $113,978 |
| ZHVI 5 years earlier | $102,373 |
| Value difference (by percent) | 11.3% |
| Value difference (in dollars) | $11,605 |
Market House in downtown Fayetteville, N.C. Image courtesy of Donald Lee Pardue.
…CONTINUED
Oklahoma City, Okla.
| July 2011 Zillow Home Value Index (ZHVI) | $111,737 |
| ZHVI 5 years ago | $101,532 |
| Value difference (by percent) | 10.1% |
| Value difference (in dollars) | $10,205 |
Downtown Oklahoma City. Image courtesy of BaronBrian.
…CONTINUED
Tulsa, Okla.
| July 2011 Zillow Home Value Index (ZHVI) | $111,398 |
| ZHVI 5 years ago | $101,802 |
| Value difference (by percent) | 9.4% |
| Value difference (in dollars) | $9,596 |
Orthopedic Hospital in Tulsa, Okla. Image courtesy of IaNDN.
…CONTINUED
Yakima, Wash.
| July 2011 Zillow Home Value Index (ZHVI) | $132,263 |
| ZHVI 5 years ago | $127,746 |
| Value difference (by percent) | 3.5% |
| Value difference (in dollars) | $4,517 |
Silverlake vineyard and winery. Image courtesy of abhinaba.
…CONTINUED
New Orleans, La.
| July 2011 Zillow Home Value Index (ZHVI) | $150,834 |
| ZHVI 5 years ago | $146,799 |
| Value difference (by percent) | 2.7% |
| Value difference (in dollars) | $4,035 |
Image courtesy of KatjusaC.
…CONTINUED
Rochester, N.Y.
| July 2011 Zillow Home Value Index (ZHVI) | $120,269 |
| ZHVI 5 years ago | $117,817 |
| Value difference (by percent) | 2.1% |
| Value difference (in dollars) | $2,452 |
Rochester, N.Y. Image courtesy of patrickhashley.
…CONTINUED
Little Rock, Ark.
| July 2011 Zillow Home Value Index (ZHVI) | $122,387 |
| ZHVI 5 years ago | $120,585 |
| Value difference (by percent) | 1.5% |
| Value difference (in dollars) | $1,802 |
Pedestrian bridge in Little Rock, Ark. Image courtesy of pasa47.
…CONTINUED
Johnson City, Tenn.
| July 2011 Zillow Home Value Index (ZHVI) | $110,588 |
| ZHVI 5 years ago | $109,409 |
| Value difference (by percent) | 1.1% |
| Value difference (in dollars) | $1,179 |
Old rail platform in Johnson City, Tenn. Image courtesy of Andrew Ciscel.
…CONTINUED
Morristown, Tenn.
| July 2011 Zillow Home Value Index (ZHVI) | $114,814 |
| ZHVI 5 years ago | $114,147 |
| Value difference (by percent) | 0.6% |
| Value difference (in dollars) | $667 |
Home near Morristown, Tenn. Image courtesy of Brian McConnell.
